JV BUYS MANHATTAN OFFICE PROPERTY FOR $55.5M

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NEW YORK CITY — A joint venture between the Kaufman Organization and Lubert-Adler has acquired an office building at 27-35 W. 24th St. in Manhattan for $55.5 million. The 114,880-square-foot building is fully leased by 51 office tenants and one retail tenant. The office tenants pay approximately $40 per square foot. Thomas Gammino, John Ciraulo and Craig Waggner of Massey Knakal represented both parties in the transaction. Signature Bank was the lender for the deal.

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